Forward IndustriesFWDI +4.76%39 EV-to-FCF is -21.67 as of Jul. 10, 2026. GuruFocus rates FWDI with a GF Score™ of 39/100 and a GF Value™ of $0.40 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 634 Manufacturing - Apparel & Accessories companies, Forward Industries ranks worse than 157728.55% on this metric.
EV-to-FCF is calculated as enterprise value divided by its free cash flow. As of today, Forward Industries's Enterprise Value is $352.75 Mil.
Forward Industries's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 was $-16.28 Mil. Therefore, Forward Industries's EV-to-FCF for today is -21.67.
The historical rank and industry rank for Forward Industries's EV-to-FCF or its related term are showing as below:
FWDI'
s EV-to-FCF Range Over the Past 10 Years
Min: -602.96 Med: 5.8 Max: 429.28
Current: -21.67
During the past 13 years, the highest EV-to-FCF of Forward Industries was 429.28. The lowest was -602.96. And the median was 5.80.
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Forward Industries's PE Ratio (TTM) for today is calculated as:
Forward Industries's share price for today is $4.29.
Forward Industries's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $-11.563.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Free Cash Flow is an important financial metric because it represents the actual amount of cash at a company's disposal. Companies with a low EV-to-FCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Forward Industries EV-to-FCF Related Terms
Forward Industries EV-to-FCF Historical Data
* Premium members only.
The historical data trend for Forward Industries's EV-to-FCF can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Footwear & Accessories subindustry, Forward Industries's EV-to-FCF, along with its competitors' market caps and EV-to-FCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Forward Industries EV-to-FCF vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Forward Industries's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where Forward Industries's EV-to-FCF falls into.
Forward Industries's current Enterprise Value is $352.75 Mil.
Forward Industries's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $-16.28 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Forward Industries (FWDI) has a EV-to-FCF of -21.67 as of Jul. 10, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Forward Industries and its competitors. According to the industry distribution chart, Forward Industries ranks #999999 out of 634 companies in the Manufacturing - Apparel & Accessories industry.
Is Forward Industries' EV-to-FCF too high?
Forward Industries' current EV-to-FCF is -21.67. Based on the distribution chart, Forward Industries ranks #999999 out of 634 companies in the Manufacturing - Apparel & Accessories industry, which is in the bottom quartile relative to peers. Overall, Forward Industries has a GF Score™ of 39/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Forward Industries' EV-to-FCF compare to RCKY and DBI?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Forward Industries ranks #999999 out of 634 companies for EV-to-FCF. This places Forward Industries in the lower half of its industry. The industry median EV-to-FCF is 14.95. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-FCF for a Manufacturing - Apparel & Accessories company?
The median EV-to-FCF among Manufacturing - Apparel & Accessories companies is 14.95, based on 634 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EV-to-FCF mean?
A high EV-to-FCF can signal that a stock is expensive relative to its fundamentals. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Forward Industries and its competitors. For the Manufacturing - Apparel & Accessories industry, the median EV-to-FCF is 14.95 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Forward Industries's current EV-to-FCF is -21.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Forward Industries stock overvalued right now?
Based on GuruFocus' analysis, Forward Industries (FWDI) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.40, compared to a current price of $4.29 — trading 972.5% above its estimated fair value. The current EV-to-FCF is -21.67. Forward Industries' overall GF Score™ is 39/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-FCF calculated?
EV-to-FCF is calculated from a company's financial statements. For Forward Industries (FWDI), the current EV-to-FCF is -21.67 as of Jul. 10, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Forward Industries (FWDI) Overvalued in 2026?
Based on GuruFocus' analysis, Forward Industries stock appears to be overvalued.
The current stock price of $4.29 is trading 972.5% above its estimated GF Value™ of $0.40.
GuruFocus considers Forward Industries to be Significantly Overvalued.
Key valuation signals for FWDI:
EV-to-FCF: -21.67
GF Value™: $0.40 vs. price of $4.29 (972.5% above fair value)
No single metric tells the full story. See the FWDI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Forward Industries Inc is a Solana-focused digital asset treasury company, with the idea to buy, hold, stake, trade, invest in, and grow SOL and SOL-related digital assets, protocols, and businesses. Its mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with, providing tools to, and investing in the Solana network, Solana developers, and Solana-related projects in order to increase shareholder value. In connection with a private placement transaction in September 2025, it launched a digital asset treasury idea supported by investors and operating partners, including Galaxy Digital and Jump Crypto.
39GF Score
Get the complete analysis for FWDI
EV-to-FCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FWDI has been successfully added to your 
